NWN vs. BKH
NWN (Northwest Natural Holding Company) and BKH (Black Hills Corporation) are both stocks. Both are in the Utilities sector — NWN in Utilities - Regulated Gas, BKH in Utilities - Diversified. Over the past 10 years, NWN returned 1.85%/yr vs 5.15%/yr for BKH. At a 0.44 correlation, their price movements are largely independent.
Performance
NWN vs. BKH - Performance Comparison
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Returns By Period
In the year-to-date period, NWN achieves a 6.78% return, which is significantly higher than BKH's 5.99% return. Over the past 10 years, NWN has underperformed BKH with an annualized return of 1.85%, while BKH has yielded a comparatively higher 5.15% annualized return.
NWN
- 1D
- -1.71%
- 1M
- -2.99%
- YTD
- 6.78%
- 6M
- 8.05%
- 1Y
- 28.62%
- 3Y*
- 8.99%
- 5Y*
- 2.11%
- 10Y*
- 1.85%
BKH
- 1D
- -0.81%
- 1M
- -3.13%
- YTD
- 5.99%
- 6M
- 4.93%
- 1Y
- 31.40%
- 3Y*
- 9.12%
- 5Y*
- 5.05%
- 10Y*
- 5.15%
NWN vs. BKH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NWN Northwest Natural Holding Company | 6.78% | 23.75% | 6.77% | -14.45% | 1.49% | 10.26% | -35.52% | 25.46% | 4.48% | 2.82% |
BKH Black Hills Corporation | 5.99% | 23.93% | 13.57% | -19.95% | 3.08% | 18.86% | -19.05% | 28.60% | 7.98% | 0.81% |
Correlation
The correlation between NWN and BKH is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 1990 | 0.44 |
Over the past year, NWN and BKH have become more correlated (0.66) than their long-term average of 0.44, meaning their price movements have been converging.
Fundamentals
NWN:
$4.01
BKH:
$2.10
NWN:
12.21
BKH:
34.46
NWN:
3.21
BKH:
20.56
NWN:
1.17
BKH:
2.34
NWN:
$1.29B
BKH:
$2.29B
NWN:
$288.00M
BKH:
$596.90M
NWN:
$426.96M
BKH:
$554.70M
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Return for Risk
NWN vs. BKH — Risk / Return Rank
NWN
BKH
NWN vs. BKH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northwest Natural Holding Company (NWN) and Black Hills Corporation (BKH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| NWN | BKH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 3.02 | -0.88 |
| Martin ratioReturn relative to average drawdown | 6.57 | 9.08 | -2.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NWN | BKH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.56 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.23 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.20 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.44 | -0.13 |
Drawdowns
NWN vs. BKH - Drawdown Comparison
The maximum NWN drawdown since its inception was -46.27%, smaller than the maximum BKH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for NWN and BKH.
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Drawdown Indicators
| NWN | BKH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.27% | -65.72% | +19.45% |
Max Drawdown (1Y)Largest decline over 1 year | -13.46% | -10.45% | -3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -18.39% | -23.55% | +5.16% |
Max Drawdown (5Y)Largest decline over 5 years | -32.09% | -36.98% | +4.89% |
Max Drawdown (10Y)Largest decline over 10 years | -46.27% | -40.45% | -5.82% |
Current DrawdownCurrent decline from peak | -17.02% | -5.14% | -11.88% |
Average DrawdownAverage peak-to-trough decline | -12.14% | -16.20% | +4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 3.47% | +0.90% |
Volatility
NWN vs. BKH - Volatility Comparison
Northwest Natural Holding Company (NWN) and Black Hills Corporation (BKH) have volatilities of 6.35% and 6.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NWN | BKH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.35% | 6.20% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 15.58% | 15.66% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.02% | 20.27% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.87% | 22.11% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.15% | 25.39% | +2.76% |
Dividends
NWN vs. BKH - Dividend Comparison
NWN's dividend yield for the trailing twelve months is around 4.02%, more than BKH's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKH Black Hills Corporation | 3.82% | 3.90% | 4.44% | 4.63% | 3.43% | 3.25% | 3.53% | 2.61% | 3.07% | 3.01% | 2.74% | 3.49% |
NWN Northwest Natural Holding Company | 4.02% | 4.20% | 4.94% | 4.99% | 4.06% | 3.94% | 4.16% | 2.58% | 3.13% | 3.16% | 3.13% | 3.68% |
Financials
NWN vs. BKH - Financials Comparison
This section allows you to compare key financial metrics between Northwest Natural Holding Company and Black Hills Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NWN vs. BKH - Profitability Comparison
NWN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Northwest Natural Holding Company reported a gross profit of 0.00 and revenue of 490.40M. Therefore, the gross margin over that period was 0.0%.
BKH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported a gross profit of 0.00 and revenue of 780.70M. Therefore, the gross margin over that period was 0.0%.
NWN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Northwest Natural Holding Company reported an operating income of 162.87M and revenue of 490.40M, resulting in an operating margin of 33.2%.
BKH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported an operating income of 201.90M and revenue of 780.70M, resulting in an operating margin of 25.9%.
NWN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Northwest Natural Holding Company reported a net income of 97.49M and revenue of 490.40M, resulting in a net margin of 19.9%.
BKH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported a net income of -2.10M and revenue of 780.70M, resulting in a net margin of -0.3%.
Frequently Asked Questions
NWN and BKH have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NWN has higher volatility (6.35%) compared to BKH (6.20%). In terms of maximum drawdown, NWN dropped -46.27% vs BKH's -65.72%.
BKH currently has the higher Sharpe Ratio (1.56 vs 1.44), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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